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Guest Commentary: USDCAD 300-pip Shocker! Squeezing Even More Pips from a Maple Leaf!

Guest Commentary: USDCAD 300-pip Shocker! Squeezing Even More Pips from a Maple Leaf!

2012-09-24 10:45:00
Ed Matts, MarketVisionTV.com,
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* USDCAD provided 180 of the 200-pip ‘Shocker’ forecast last week…It now needs to prepare itself for the next sharp rally.

Guest_Commentary_USDCAD_300-pip_Shocker_Squeezing_Even_More_Pips_from_a_Maple_Leaf_body_CAD2109.png, Guest Commentary: USDCAD 300-pip Shocker! Squeezing Even More Pips from a Maple Leaf!

Dollar Canada has recovered well enough from believe the 9675 potentially corrective target area to encourage our view of at least a period of 96-1.00 consolidation highlighted in the Daily Perspective and following the so called Maple Leaf Analogy.

Indeed the rally to 9815 just short of the 23.6% retracement just about appears constructive and matches the 180 pip rally of last March. It therefore represent the first leg in a larger albeit possibly corrective rally to 99.40 the 38.2% retracement target. The A leg. It has now started the typically deep retracement/correction lower.

So although the 50% retrace of 9725 should be enough at first as 98.00-15 caps in the short term we can expect a dip just below 97 the 61.8%. Indeed a backwards target, the level needed to provide an eventual c=1.618a to 9940 suggests it could go as low as 960.

Either way we will rebuy weakness below 97 against the 9635 low for a break through 9815 to confirm and accelerate at least short term strength.

Loss of 96.35? extends to 95.70 daily trend support.

Further videos or commentaries are available from www.marketvisiontv.com or @EdMatts on Twitter.

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